Marketing And Innovation Are The Two Key Elements of Business Success

Is it complicated to run an innovative company, or to hire a team of marketing experts that get your name out there The answer is easy: neither! In fact, if you ask leaders, they consider marketing and innovation as a pair of gears that work together to move your entrepreneurial success engine forward. Preferably, innovation works itself into the totality of your business culture, and as a result, it moves out into your product marketing strategy. According to Lameen Witter, there needs to be a strong network between innovation and marketing.

The Growth Factor

According to experts, modern-day marketing includes any activity that gets and keeps customers. However, according to the traditional view, marketing is specific to advertising or sales. Basically, marketing extends to influence customer service and what’s needed for the business to continue creating an advantage and benefit for the customer.

The Growth Factor helps you to answer the question: “What can I do today to offer my clients a greater advantage or benefit, to get them closer to the actual result they desire?”

And the answer is the collaboration of both marketing and innovation team. The marketing team is on the front of what’s working, what’s not and what’s needed, while the innovation teamwork inside and provide ideas and possible solutions.

Develop a Minimum Viable Product

If you build a product, a consumer may come – at least with a little push from your marketing department, who spent time ensuring the product visibility. Many times businesses get stuck thinking that customers “will” come to new innovations and jump right in head first with a complete rollout.

Sure, you’ve developed a brilliant idea, but a great idea alone does not bring customers.

Before spending too much cash, the best approach is to develop your minimum viable product (MVP), introduced it in the market, and build a network between the innovators, marketers and buyers around further development and innovation based on the future possibilities.

Marketers and innovators must collaborate to bring this to market to test, twist and refine the product based on response and feedback. The minute the product is identified as having a probable chance of success, a wider rollout is vital.

Cultivate an Innovation Culture    

Regardless of the size, your business is, you must not ignore both marketing and innovation. Furthermore, if we take an example of Apple, it has proven that real innovation is about positive gains — not world-changing discoveries. Therefore, take your MVP into the market without taking much time and start generating sales.

Every business needs both innovation and marketing to succeed in the industry. The ultimate aim of innovation in business is to provide customers with the best possible products, services and experiences — which makes the marketing process a much simpler task.

Final Thought

Lameen Witter says innovation and marketing are a perfect match. To lead the industry you need to take advantage of both marketing and innovation. No business can bring incremental results without only innovation or marketing. Both are essential!